PM approves increase in stipend for BISP beneficiaries

ISLAMABAD: Finance Minister, Senator Ishaq Dar said on Saturday that the Prime Minister approved an increase in the annual stipend to BISP beneficiaries from Rs. 18,800 to Rs. 19,338 per annum.

The decision was made after detailed discussion with the Prime Minister, and is in accordance with the increase in consumer price index (CPI) during last year, which would help contribute to mitigate the effect of inflation on BISP beneficiaries.

The stipend at the enhanced rate of Rs. 4834/- per beneficiary per quarter would be payable with effect from 1st July, 2016, while the arrears would be paid along with the next installment.

Dar said that the finance division has already issued instructions to BISP to ensure disbursement of quarterly stipend at the enhanced rate. He said that the government is fully committed to protecting the most vulnerable segments of the society.

He said that the annual allocation for BISP has been enhanced from Rs.40 billion to Rs.115 billion, while the annual stipends have been enhanced from Rs. 12,000 to Rs.18,800 during the last three years. These have now been further increased to Rs.19338/- per beneficiary per annum.